Notable Office Market Insights

•  Ongoing recovery is the main theme, continuing the trend seen in most office markets throughout 2021.
•  Positive absorption indicators.
•  Slight increase in rental rates.
•  Marked differences in occupancy levels, vacancy rates and general performance from city to city.
•  Remote working practices are still commonplace in key markets, such as San Francisco.
•  142 million square feet of office space currently under construction.

Lease Rates & Asking Rents

Recent data from Commercial Edge outlines a nationwide rental listing rate average of $38sq/ft in January 2022. These figures may be seen as somewhat inflated due to the number of high quality spaces currently listed due to being vacant, with Class A workspaces being listed at much higher prices.

According to Avison Young, Q4 average rental prices per square foot in gateway markets were as follows:

•  Manhattan: $84 sq/ft
•  San Francisco: $80 sq/ft
•  Washington DC: $54 sq/ft
•  Atlanta: $29 sq/ft
•  Boston: $38 sq/ft
•  Chicago CBD: $39 sq/ft

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With a market size of nearly $900bn, the United States has one of the world’s largest commercial real estate markets, coupled with some of the most desirable business locations to match. This post serves as the first part of our examination into the US market’s performance based on data from Q4 2020 and Q1 2021.

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The city of San Francisco is one of the top business hubs in the Americas. The local business community is among the most vibrant and successful at global level, partly due to the huge pool of talent available in the city and its surrounding areas. A large number of Fortune 500 companies are based in the area, and business opportunities exist for enterprises operating in a wide range of sectors, from aerospace to health care and including electronics, consumer goods, retail, and telecommunications.

The undeniable appeal of San Francisco as a business location has attracted hundreds of prospective entrepreneurs to the area. If you are considering setting up a business in San Francisco, take a look at our detailed guide to commercial property in this thriving Californian city.

Key Trends in the San Francisco CRE Market
For the past two years, the local commercial property market in San Francisco has shown a variety of healthy indicators.
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As tech companies offer higher pay for developers, ten cities stand out in the U.S. as the highest paying for IT jobs. San Jose, San Francisco and New York offer the highest salaries. Those who are searching for the highest paying IT jobs obviously need to head west. Statistics from the recruiting company CyberCoders points out that the average salaries in San Jose and San Francisco average $14,000 more than in third ranked New York City.

The top 10 list does contain cities scattered throughout the U.S. where lucrative jobs can be found. Major cities like Boston, Washington D.C., Dallas and Chicago are included on the list. The greatest increase in salaries has come in mobile development positions. However, IT salaries have gone up across the board in the last year. Individuals who acquire multiplatform skills and are able to design and code within the constantly changing world of mobile applications become the highest paid workers.

The cities that rank highest in pay for IT jobs in high-range, mid-range and low-range salaries are:
1. San Jose, CA
2. San Francisco, CA
3. New York, NY
4. Washington, D.C.
5. Boston, MA
6. Los Angeles, CA
7. Brooklyn, NY
8. Philadelphia, PA
9. Chicago, IL
10. Dallas, TX

The Roche Group is pushing back the frontiers of healthcare in 150 countries, employing about 80,000 workers. It has become one of the largest research-based healthcare groups. Genentech, a subsidiary, has led the biotech industry for over 30 years. They use human genetic information to develop specialized medicines for life-threatening diseases. The headquarters for Roche pharmaceutical operations are located in the U.S. Their philosophy is that the employees are their most important asset and they are dedicated to maintaining a great work place along with providing the best salaries for IT workers. Their CRM Techs provide expert technical information for Genentech’s Commercial Operations. They are responsible for maintaining project work, enhancements, and problem solutions. They work with onsite contractors and a Poland-based development team. These workers must be familiar with a variety of databases, with a strong technical foundation that includes advanced structured programming. Salary compensation for these positions is among the highest in the field.

CompuTech, located in Clarkstown, NY offers Desktop Support Tech positions with a world renowned computer manufacturing company. These are contract positions requiring backgrounds 5 years’ experience in both HP hardware and software, Windows XP and Windows 7 maintenance. Salaries are commensurate with experience and skill levels.

Similar positions may be found in any of the cities listed above. Depending on the applicant’s skills and training, and where he wants to work, high-paying IT jobs are available throughout the country.

Rockville, MD
Rockville is a small suburb of Maryland that has a population of a little over 50,000 people. While it may not be the biggest place in the world, its location is what makes it such a hotbed of startup activity. Its proximity to a number of major national laboratories makes Rockville specifically a hub of the biotech industry, and it means that there are a lot of funding sources available for the right type of startup.

San Francisco, CA
San Francisco, California, is known mostly for its art and culture, but it also has a bustling economic scene in these tough times. The real benefit of operating out of San Francisco is the convergence of academia and business. There are a lot of established universities out here, as well as a lot of giants in the technology industry.

Franklin, TN
Franklin, Tennessee, is a small town about the size of Rockville, but is more of an entity of its own. There is a major biotechnology push in Franklin, with the university putting up state-of-the-art facilities to push development in that sector. More than half of the people living in Franklin have at least a four-year college education, and the technology industry here is on the rise.

Bellevue, WA
Close to the home of such giants as Microsoft, Bellevue, situated in Washington, is one of the hottest spots of activity in the technology sector in the country. Bellevue’s residents hold more patents than any other city in the country, and there are a lot of tax incentives for small startups, especially in the technology sector. Being so close to many of the larger, older technology firms gives startups the ability to utilize a wealth of industry information that is more readily found in this area than in other areas.

Cambridge, MA
Cambridge will be recognizable to most people as the home to both MIT and Harvard, two of the most prestigious universities in the world. As a town of roughly 100,000 people, Cambridge maintains a very low-key persona that carries an air of growth. The town has a reputation to uphold as one of the hotbeds of advancement in the country, and the incentives for small business development here are ample.

Irvine, CA
Irvine, California, has a number of things going for it that make it very attractive for startups. It is right outside of Los Angeles, so it is mostly populated by technology and entertainment-based startups, but there are many different businesses here. One of the most attractive aspects of the city is that it gives entertainment and technology startups access to Los Angeles without actually having to be located in the city itself.

Bend, OR
Bend, Oregon, has experienced a growth rate of 50 percent over the past decade, and it doesn’t show any signs of slowing down. The town itself used to be centered around logging, but has since become very involved with the technology, aviation, and biotech industries.

Santa Monica, CA
Santa Monica, California, has become very popular for film startups over the past decade. The proximity to Los Angeles is the big draw here, with business owners getting all the benefits of Los Angeles without the stifling taxes that come with living in the city. Digital media production companies find that they are able to compete with larger film companies while operating out of Santa Monica.

Boca Raton, FL
Looking to shirk its reputation as nothing but a paved old folks home, Boca Raton, Florida, is very welcoming of startups, especially in the technology industry. There are a lot of smaller companies that work here that have been started by employees of IBM, which has operated out of Boca Raton since the 1970s.

Boulder, CO
Boulder, Colorado, has become something of an icon of the technology startup community. As the university has advanced its technology base over the past ten years, more and more businesses have been developing here from the resulting boom in startup grant funding. There are a number of national research labs maintained in Boulder, and these labs bring in a swathe of talent from around the globe– making Boulder a hotbed of activity in the technology industry.

For visitors who want to stray from the beaten path while visiting San Francisco, here are 10 activities to consider:

1. The all American game baseball is alive and well in San Francisco, California, at the AT&T Ball Park. Catch a game at one of the best baseball stadiums with a classic feel and outstanding views.

2. Not exactly in San Francisco, but 20 minutes north across the Golden Gate Bridge are ancient giant trees that are part of the Coastal Redwood Forests. They provide a relaxing walk where visitors can be inspired by the centuries old trees amid overwhelming pine scent.

3. China Town should be on every tourist’s itinerary. A visit to this area can be as structured or adventurous as each individual desires. Dim sum tea houses make great choices for a lunch stop or to grab a meal to go.

4. At the Northwestern tip of the city is Lincoln Park and one of the most scenic trail walks available anywhere. Starting from the Sutro Bath Ruins and the Cliff House walkers move along Land’s End Trail. It provides a fantastic view of Golden Gate Bridge and the bay, ending near Sea Cliff and China Beach Park.

5. Market Street is a great place to shop or just watch the locals do their shopping. The street leads straight to the Ferry Building and the Saturday outdoor farmer’s market. Many of the shops and restaurants spread into the outdoors as well along the water’s edge and the city’s piers.

6. Golden Gate Park hosts numerous attractions including the Japanese Tea Garden, Academy of Sciences, de Young Museum, and Stow Lake. Events are scheduled there throughout the year. It also provides miles of paved trails to bike or walk.

7. Visit the USS Pampanito at Pier 45, Fisherman’s Wharf. This World War II Balao Class Fleet Submarine has become a memorial and museum. Educational day and overnight programs are available for children throughout the year.

8. The Exploratorium houses ongoing exploration of art, science and human perception. It has a vast collection of interactive exhibits, web features, supervised programs, activities and events.

9. The Marrakech Magic Theater provides an unforgettable show filled with laughter and intriguing feats of magic for the whole family.

10. The Walt Disney History Museum displays many artifacts from Walt’s personal life from birth to death and all the amazing things he accomplished that continue to entertain visitors today.

5. Eugene, Oregon

Eugene, Oregon, is in the top five for a number of reasons, but the biggest of these reasons has to do with electricity. The city of Eugene gets almost half of its electricity from renewable resources. Most of western Oregon gets around 34% of its energy from hydroelectric dams, but Eugene takes things a step further by adding on 9% from wind farms. The city’s water utility– EWEB– even buys back excess energy produced by residential solar arrays.

4. Oakland, California

The city of Oakland, in the state of California, has been long-heralded as one of the most forward-thinking cities in the US on the environmental front, and that has helped to drive new technologies in Oakland. The most impressive of these technologies are the hydrogen-powered buses that roam the streets. These buses have significantly cut down the pollution in the city, and have helped to develop this technology into a more economical form.

3. Boston, Massachusetts

Boston has a highly developed public transit system, as well as an impetus toward innovation and new technologies. This is highly evidenced by the unique system that Boston is implementing to help produce methane for generators. They are using bacteria within residential glass clippings to produce the methane. This is a fuel source that is readily available, and which would only be going to waste otherwise. Modest projections state that the system has the potential to create enough methane to power 1.5 megawatts of electricity. At the end of the composting cycle, the grass and leaves will have turned into a source of fertilizer that can be used for residential or farm fertilizer.

2. San Francisco, California

San Francisco, California, is another of the cities with a highly developed transportation sector. Public transportation is a large part of how people get around here, and it has a significant impact on the air quality and health of the people living here. Also, San Francisco has one of the most aggressive large-scale photovoltaic projects in the country, with massive potential for both environmental and financial benefits.

1. Portland, Oregon

Portland, Oregon, is the most eco-friendly city in the United States. While it lags behind other cities in terms of energy and electricity, it blows past them on things like public transit and green construction. 35 buildings in Portland are certified by the U.S. Green Building council, and a quarter of workers in Portland commute by bike or public transit.